EC1110 - Microeconomics
Fall 2015

The Microeconomics Course

Microeconomics exams the choices that we, and business make in order to maximize our benefits will minimizing our expenditures. Microeconomics will enhance your understanding of the economic institutions and the environment under a market system of exchange and the response made to decisions arrived at by individuals, businesses, and governments. Specifically, the course examines business organizations and why the attitudes of buyers and sellers determine the prices, quantities, and distribution of the output of goods and services.

Topics We’ll Be Covering in Microeconomics

1.0 General Introduction to Economics
1.1 The Economic Problem
1.2 Supply and Demand
2.0 Price Theory
2.1 Elasticity
2.2 Consumer Demand
2.3 Short Run Costs
2.4 Long Run Costs
3.0 Market Structures
3.1 Perfect Competition
3.2 Monopoly
3.3 Imperfect Competition

Resources You Will Be Using in Microeconomics

• Text: Principles of Micro-Economics, Sayre and Morris 7th Edition McGraw Hill Ryerson (the questions for the assignments will be drawn from the 7th edition of the text)

• Course website: http://paultilley.wikispaces.com/

• Course Facebook Site: Search/Like: Paul Tilley's Microeconomics

How You Will Be Evaluated in Microeconomics

Evaluation Item	Weight	Grade Achieved	Detail (Complete details of each project/test will be discussed/distributed in class)
Discussion Participation	5		You will be evaluated on your class attendance and involvement in the class discussion.
Hand In Assignment 1 Assignment 1 Due on Friday, September 26.	5		Chapter 1 – The Economic Problem Page 27 - # 36; Chapter 2 – Demand and Supply - Theory Page 64- #36 & #38; Chapter 3 – Demand and Supply - Practice Page 99- # 36
Hand In Assignment 2 Assignment 2 Due on Friday, October 17	5		Chapter 4 - Elasticity Page 136- #36, Chapter 5 – Consumer Demand Page 165- #36
Midterm Week of October 27	30		You will be tested on material covered in the first 5 chapters of the text in the course. The test will be one hour in duration, and be 70% Multiple Choice and 30% Short Answer questions.
Hand In Assignment 3 Assignment 3 Due on Friday, November 7.	5		Chapter 6 - The Short Run Page 204/205 - #36 & #38 Chapter 7 - The Long Run Page 226 - #36
Hand In Assignment 4 Assignment 4 Due on Friday. November 21	5		Chapter 8 – Perfect Competition Page 263 - #36 Chapter 9 – Evaluation of Competitive Markets Page 295 – #36 Chapter 10 - Monopoly Page 329 - #36 Chapter 11 – Imperfect Competition (Oligopolies and Monopolistic Competition) Page 366- #36
Final Exam During the Final Exam Period	45		This is a comprehensive exam consisting of material from throughout the course. The test will be two hours in duration, and be 60% Multiple Choice and 40% Short Answer questions.
Total	100

Textbook website:
http://highered.mcgraw-hill.com/sites/0070984050/student_view0/index.htmlCourse Textbook Site (with Answer key)

Course Facebook Site
Microeconomics facebook Site

Course Notes










Course PowerPoint Slides












Course Videoettes
The First section (Units 1-5) of the course looks at economics from the consumer's point of view....

Unit 1 - Scarcity and Choice	Unit 1 - Resources	Unit 1 - Positive vs. Normative
Unit 1 - Production Possibilities	Unit 1 - Prod. Poss. with Change	Unit 1 - Opportunity Cost
Unit 2 - Demand and Supply	Unit 2 - Change in Demand	Unit 2 - Supply
Unit 3 - Equilibrium	Unit 3 - Market Equilibrium	Unit 3 - Price Floors and Price Ceilings
Unit 3 - Change in Demand
Unit 4 - Elasticity of Demand

Unit 5 - Consumer Demand	5 - Diminishing Marginal Utility	Unit 5 - Consumer Equilibium

The Section section (Units 6-10) of the course looks at economics from the producers point of view....

Unit 6 - Short Run Explicit/Implicit Costs/Opportunity Costs	Unit 6 -	Unit 6 - Fixed and Variable costs
Unit 6/7 Cost Curves	Unit 6/7 Cost Curves
Unit 8 - Market Structures - Types of Competitive Markets	Unit 8 - Perfect competition	Unit 9 - Competitive Markets
Unit 10 - Monopoly
	Unit 11 - Imperfect Competition